Time to Kill OAS??
- Thread starter tibear
- Start date
Too bad you wouldn't share some of that intelligence in these forums instead of mental masturbating all over things. Doing senior's tax returns isn't quite the same as doing the monthly grocery shopping.
The other program that should be killed is the GIS program.
It's just another program that could be replaced by the Welfare Program, ie if you need it, you get it..
The GIS program is the program most senior immigrants get when they cone here in their older yrs, either thru family reunification program or as a refugee..
It's just another program that could be replaced by the Welfare Program, ie if you need it, you get it..
The GIS program is the program most senior immigrants get when they cone here in their older yrs, either thru family reunification program or as a refugee..
This forum needs a qualifying test. An I.Q. of 4 should be mandatory! :lol::lol::lol:
You lose 15 cents on every dollar for income of more than $69,562. It's reduced on a graduated scale. Someone earning 100k is getting very little OAS.
Pensioners with an individual net income above $69,562 must repay part or all of the maximum Old Age Security pension amount. The repayment amounts are normally deducted from their monthly payments before they are issued. The full OAS pension is eliminated when a pensioner's net income is $112,966 or above.
This is incorrect !!
Like I said earlier, Revenue Canada claws this back from you but it shows up in your T4A OAS slip as taxes paid by you for any amount they clawed back. So you don't really lose any money.
If you want to get the facts to confirm what I said, talk to an Reg Accountant,,,not a financial planner,,they know fk all !!
What happens to those folk who have a net income of $69562 or less - many times MUCH less? Welfare, as you suggest, is a provincial expense - closer to coming from YOUR pocket.
A T4 is an income slip. You make repayments (return the income) when your income is above the first threshold. That is what is also reported in a T4A OAS. Of course your not going to be taxed on income you gave back.
